Abacus Life (NASDAQ:ABL) Releases Quarterly Earnings Results, Beats Estimates By $0.06 EPS

Key Points

• Abacus Life (NASDAQ:ABL) reported a quarterly earnings of $0.22 per share, exceeding the consensus estimate of $0.16 by $0.06.
• The company achieved a revenue of $56.23 million, significantly higher than the anticipated $43.38 million.
• Abacus Life's stock saw an increase of 8.0% following the earnings announcement, reaching $5.94 with a market capitalization of $575.31 million.

Abacus Life (NASDAQ:ABL - Get Free Report) posted its earnings results on Thursday. The company reported $0.22 earnings per share for the quarter, topping the consensus estimate of $0.16 by $0.06, Zacks reports. Abacus Life had a negative net margin of 13.35% and a positive return on equity of 16.76%. The firm had revenue of $56.23 million during the quarter, compared to the consensus estimate of $43.38 million.

Abacus Life Stock Up 8.0%

Shares of NASDAQ:ABL traded up $0.44 during midday trading on Friday, reaching $5.94. The company's stock had a trading volume of 1,558,497 shares, compared to its average volume of 599,536. The firm has a 50 day moving average of $5.57 and a 200-day moving average of $7.05. The firm has a market capitalization of $575.31 million, a P/E ratio of -25.82 and a beta of 0.01. The company has a quick ratio of 0.47, a current ratio of 0.47 and a debt-to-equity ratio of 0.55. Abacus Life has a 12-month low of $4.60 and a 12-month high of $11.86.

Wall Street Analysts Forecast Growth

ABL has been the subject of several research analyst reports. Maxim Group began coverage on shares of Abacus Life in a research report on Tuesday, April 29th. They set a "buy" rating and a $14.00 target price for the company. Piper Sandler decreased their target price on shares of Abacus Life from $12.00 to $10.00 and set an "overweight" rating on the stock in a research note on Wednesday, July 2nd. Five research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Buy" and a consensus price target of $13.70.

Institutional Trading of Abacus Life

Hedge funds and other institutional investors have recently modified their holdings of the business. Goldman Sachs Group Inc. grew its position in Abacus Life by 13.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,928,293 shares of the company's stock valued at $14,443,000 after purchasing an additional 221,712 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Abacus Life by 4.5% in the 2nd quarter. Geode Capital Management LLC now owns 346,082 shares of the company's stock worth $1,780,000 after purchasing an additional 14,917 shares during the period. Finally, Bison Wealth LLC lifted its stake in shares of Abacus Life by 492.0% in the 4th quarter. Bison Wealth LLC now owns 61,125 shares of the company's stock worth $479,000 after purchasing an additional 50,800 shares during the period.

About Abacus Life

Abacus Life, Inc operates as an alternative asset manager specializing in life insurance products. It purchases life insurance policies from consumers seeking liquidity and manages policies over time via trading, holding, and/or servicing. The company was founded in 2004 and is based in Orlando, Florida.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.